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Vodafone has reversed its decision to drop high profile sports sponsorship after entering talks to back the Olympic Stadium in East London.

The mobile company previously sponsored Manchester United and Formula 1 teams Ferrari and McLaren but ceased those activities in 2013 as part of a move towards one-off unique events.

Yet the mobile company has opened talks to sponsor the stadium which is used by West Ham football club and has hosted other events including concerts by AC/DC and Rugby League internationals.

A source with knowledge of the situation said that talks have been ongoing but a deal is not imminent. The source added that the sponsorship deal would include other venues such as the aquatics centre, the velodrome and the Copperbox venue that has been used to host eSports events.

The company declined to comment. The news was first reported by Sky News.

A deal would be the latest move by a telecoms company to name a venue. The Olympic Stadium is close to the O2 music venue while EE sponsors the Wembley Stadium in north London. BT sponsors Murrayfield, the Edinburgh stadium used for Scottish rugby.